{"id":581553,"date":"2023-02-15T00:00:00","date_gmt":"2023-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/is-egypt-brewing-up-a-fresh-export-subsidy-program\/"},"modified":"2023-02-15T00:00:00","modified_gmt":"2023-02-15T00:00:00","slug":"is-egypt-brewing-up-a-fresh-export-subsidy-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/is-egypt-brewing-up-a-fresh-export-subsidy-program\/","title":{"rendered":"Is Egypt brewing up a fresh export subsidy program?"},"content":{"rendered":"

<\/p>\n

<\/p>\n

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<\/p>\n

EXPORTS-<\/span><\/p>\n

<\/span>A new export subsidy program in the making? <\/span>The government is considering <\/span>launching a new export subsidy program at the start of the upcoming fiscal year, Finance Ministry sources told us. The government <\/span>said<\/a><\/span> last week that it would finish clearing the backlog of unpaid subsidies during FY 2023-2024 after years of paying out arrears. It <\/span>wrapped the fifth phase<\/a><\/span> of the program in December, which saw the Export Development Fund disburse some EGP 2.5 bn, putting the total of overdue subsidy payments at <\/span>EGP <\/span>42.5 bn.<\/span> <\/span><\/p>\n

More sectors eligible for export subsidies: <\/span>The state is also looking into adding new sectors to the subsidy program, the sources told us. <\/span><\/p>\n

CAPITAL MARKETS-<\/span><\/p>\n

EGX-Tadawul dual-listings? <\/span>The <\/span>MoU signed between the <\/span>Egyptian and Saudi stock exchanges <\/span>earlier this week<\/a><\/span> <\/span>will see the two parties explore dual listings, the EGX said in<\/span><\/a><\/span>a press release (pdf)<\/a><\/span>. The agreement, which was inked on the sidelines of the Saudi Capital Market Forum in Riyadh, also aims to facilitate an exchange of knowledge between the two bourses in fintech, databases, legislation, trade systems, ESG reporting, and HR, an EGX source told us, adding that a committee will be set up to determine areas for cooperation. <\/span><\/p>\n

SUEZ CANAL-<\/span><\/p>\n

Suez Canal to hike transit fees for oil tankers in April: <\/span>The Suez Canal Authority will <\/span>raise fees for oil ships transiting the waterway from the beginning of April, it announced yesterday (<\/span>here<\/a><\/span> and <\/span>here<\/a><\/span>). Tankers carrying crude oil and petroleum products will pay a 25% surcharge as of 1 April, while their empty counterparts will pay 15%. <\/span>Crude oil<\/a><\/span> and <\/span>petroleum product<\/a><\/span> vessels, both laden and ballast, are currently charged 5% <\/span>on top of <\/span>the normal Suez Canal transit dues. The surcharges are \u201ctemporary\u201d and revised or scrapped based on global shipping conditions.<\/span><\/p>\n

Maersk sues Evergreen for blocking the Suez Canal in March 2021: <\/span>Maersk filed a <\/span>claim in a Danish court against Evergreen Marine, the parent company of the Ever Given vessel that blocked the Suez Canal in March 2021, the <\/span>Associated Press<\/a><\/span> reports, citing an email it received from the Danish shipping giant. The company is looking to get mns of USDs in compensation to recoup costs it incurred as a result of the blockage, according to the news outlet. The owner of the Ever Given reportedly paid out <\/span>USD 540 mn<\/a><\/span> to Egypt back in 2021. Fitch Ratings estimated that year that claims by everyone affected by the incident could easily surpass <\/span>hundreds of mns of EUR<\/a><\/span>.<\/span><\/p>\n

AUTOMOTIVE-<\/span><\/p>\n

Sha7en x Elsewedy EV charging stations: <\/span>EGX-listed MB Engineering's EV charging <\/span>subsidiary <\/span>Sha7en<\/a><\/span> has signed an initial partnership agreement with Elsewedy Electric to install, operate, and maintain EV charging stations over the coming three years, MB said in an <\/span>EGX disclosure (pdf)<\/a><\/span> yesterday. Sha7en <\/span>received its license<\/a><\/span> to <\/span>start operating EV charging stations<\/span> late last year.<\/span><\/p>\n

FINANCIAL SERVICES-<\/span><\/p>\n

Palm Hills Developments has restructured its 18.2% stake in International Comp<\/span>any <\/span>for Leasing (<\/span>Incolease<\/a><\/span>)<\/span>, selling it to Palm Holding for Financial Investments in an EGP 149.9 mn transaction, according to EGX <\/span>disclosures<\/a><\/span> (<\/span>here, pdf<\/a><\/span> and<\/span>here, pdf<\/a><\/span>). Incolease company offers leasing services with a focus on assets including commercial vehicles, machinery, IT equipment, production lines, and real estate. Other shareholders include El Tarek Automotive (23%) and SAIB Bank (20.2%). A consortium of four state-owned banks and ins. companies <\/span>last year exited Incolease<\/a><\/span>, selling their 38.7% stake for EGP 316.9 mn.<\/span><\/p>\n

DEFENSE- <\/span><\/p>\n

Egypt has reportedly expressed interest in buying fighter jets from Indian <\/span>defense firm Hindustan Aeronautics<\/span>, the company\u2019s chairman and managing director told reporters, according to <\/span>Reuters<\/a><\/span>. The newswire doesn\u2019t provide further details. <\/span><\/p>\n

STARTUPS-<\/span><\/p>\n

Tech startup Yassir eyes regional expansion with the help of M&P: <\/span>Moharram & <\/span>Partners will help Algerian tech startup <\/span>Yassir<\/a><\/span> expand across the Middle East and Africa u<\/span>nder a newly signed strategic partnership agreement, the Cairo-based PR firm said in <\/span>a statement (pdf)<\/a><\/span>. The statement didn\u2019t disclose which markets Yassir is looking to enter.<\/span><\/p>\n

About the company:<\/span> Launched in 2017, Yassir offers ride-hailing, delivery and e-commerce services. Last year it raised <\/span>USD 150 mn in series B funding<\/a><\/span>, bringing its total funding raised to almost USD 200 mn. It currently operates in Algeria, Tunisia, Morocco,<\/span> South Africa<\/span>, France, and Canada. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The state is also looking into adding new sectors to the subsidy program<\/p>\n","protected":false},"author":1,"featured_media":581554,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,144,102,482,68,152,72,134,665,7103,1134],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-capital-markets","tag-defense","tag-egx","tag-elsewedy-electric","tag-enterpriseam","tag-ever-given","tag-maersk","tag-suez-canal","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"4a9911fa-f611-4c6c-baf3-e13627e029ef","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Suez-Port-1600px.jpg","photo_position":"below","homepage_title":"Is Egypt brewing up a fresh export subsidy program?","full_issue_title":"Is Egypt brewing up a fresh export subsidy program?","related_issue":[581530],"teaser":"The state is also looking into adding new sectors to the subsidy program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.6efe7a05-2bb6-48c4-b905-6e604cf30ac7.mp3"},"yoast_head":"\nIs Egypt brewing up a fresh export subsidy program? 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The program allows exporters\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569870,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/govt-drops-sukuks-and-tax-breaks-from-export-subsidy-arrears-program\/","url_meta":{"origin":581553,"position":1},"title":"Gov\u2019t drops sukuks and tax breaks from export subsidy arrears program","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"Gov\u2019t drops sukuk and tax breaks from export subsidy arrears program: The government has dropped sukuk issuances and tax and customs settlements from the executive regulations of the Export Subsidy Fund\u2019s arrears program, Al Mal reports, citing unnamed industry officials. They said export subsidy arrears will no longer be paid\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/118.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556558,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/fourth-phase-of-export-subsidy-payout-program-to-launch-in-november\/","url_meta":{"origin":581553,"position":2},"title":"Fourth phase of export subsidy payout program to launch in November","author":"enterpriseam admin","date":"31 October 2021","format":false,"excerpt":"The Finance Ministry will launch a fourth phase of its export subsidy program at the start of November, Finance Minister Mohamed Maait said in a statement on Thursday. The program allows exporters to receive overdue subsidies in a single payment rather than in installments over four to five years, in\u2026","rel":"","context":"In "SUBSIDIES"","block_context":{"text":"SUBSIDIES","link":"https:\/\/enterpriseam.com\/egypt\/category\/subsidies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563123,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/20\/more-industries-qualify-for-export-subsidies-under-new-program\/","url_meta":{"origin":581553,"position":3},"title":"More industries qualify for export subsidies under new program","author":"enterpriseam admin","date":"20 June 2021","format":false,"excerpt":"We now have more details on the state\u2019s new export subsidy program: Exporters in the automotive, ceramics, pharma, electronics, and chemicals industries can now enrol in the export subsidy program for the first time, under a decision approved by the Export Subsidy Fund on Friday, the Trade Ministry announced. The\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/250.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595126,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/17\/egypt-kicks-off-new-export-subsidy-program-says-overdue-payments-on-the-way\/","url_meta":{"origin":581553,"position":4},"title":"Egypt kicks off new export subsidy program, says overdue payments on the way","author":"enterpriseam admin","date":"17 September 2019","format":false,"excerpt":"Gov\u2019t kicks off EGP 6 bn export subsidy program, says more overdue payments on the way: The government has started implementing the EGP 6 bn new export subsidy framework and is taking more steps to settle the overdue payments promised by the Export Subsidy Fund since 2012, Finance Minister Mohamed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/120.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577944,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/egypt-buys-more-russian-wheat\/","url_meta":{"origin":581553,"position":5},"title":"Egypt buys more Russian wheat","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"COMMODITIES-State grains buyer GASC purchased 260k tons of Russian wheat directly from buyers at USD 354 per ton on a cost and freight basis, according to Agricensus. GASC made at least one other direct purchase of Russian wheat last month shortly after it canceled a tender due to high prices.TRADE-The\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581553"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581553\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581554"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581553"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581553"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}